In a wrap of recent regional venture capital activity, Milt Capps highlights a number of investments made by Nashville-based funds. Both the Limestone Fund and the XMi High Growth Development Fund have put about half a million dollars to work in an Oak Ridge companies that makes filtration technology. Separately, the TriStar Technology Fund has acquired a convertible note from MedCenterDisplay, which services gear and information for medical waiting rooms.
One of the four investment funds selected in 2010 to receive a second round of TNInvestco tax credit financing has put capital to work in a West Tennessee medical device manufacturer, allocating more than seven percent of the fund's original value, according to local sources.
Venture Nashville Connections reports that Memphis-based MB Ventures has pumped $1 million into Collierville-based Veracity Medical Solutions, an orthopedic device-prototyping and manufacturing company. The move correlates with MB Ventures' charter to invest in start-up medical device companies which then, assuming company growth, invest in similarly situated companies in keeping with the overall TNInvestco program initiated in 2009.
The Tennessean this weekend reported on the TNInvestco program, pointing out how the program for funding early-stage companies has plugged money into more than a few businesses that have been operating for years and that it has created few jobs thus far. The story appears not long before Governor Haslam receives a report on the program's progress.
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